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What is often not expected or well understood is the effect of ‘lag time’ aftershocks in our regions following economic crisis. Lag time is an attribute of some rural, regional and remote communities and is most often seen in economically path dependent and single industry communities, many of which of course, comprise RRR Australia.
The COVID-19 pandemic is starting to ease, but the economic and financial fall out has just begun. It is not as if the world economy was in good shape before economic activity was slashed and entire industries were shut down. Those fault lines are only going to worsen, and the consequences might be very dark.
The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
We live in an era of hyper-transactionalism, whereby most of what we do is subject to the exchange of money and market pricing. Whereas in the past much of humanity was bound to a political system, now most of us are bound to a globalised monetary system.
As fires obliterated large swathes of Australia, I was largely oblivious to the news — though tenuously connected to events as I travelled through oven-hot, tinder-dry national parks in Southern Africa. It was only when I reached the airport in Johannesburg that the extent of the catastrophe became apparent to me.
It is up to business to determine what the market wants. And business is being given a very clear message of market sentiment, through people protesting. For government to attempt to regulate this is a burden on freedom of speech and a significant imposition on the market mechanism, the very thing Morrison says he is trying to protect.
It is easy to blame the financial sector — and the governments that were supposed to oversee the financial system but instead just washed their hands of it — for creating this global debt debauch. They certainly bear much of the responsibility. But in many ways the financial misbehaviour is as much symptom as cause.
People are lacking inspiration and courage. So right now, what we need is a solution as big as the problem we're trying to solve, and the best idea on the table is a 'Green New Deal' that combines action on climate change with tackling inequality.
The Australian economy rests on a decades-long property gamble that has disenfranchised younger generations. It is why the differing policies of the two major parties at the federal election take on an unusual significance. The voters' choice will go a long way towards determining if that generational split will get better or worse.
In the wake of the Timber Creek Decision, state and territory governments should be looking to implement negotiations with traditional owner groups around the nation to seek to settle the property claims — comprehending economic and non-economic losses. It is in no one's interest to engage in a court process for every single claim.
Why do so many pundits decry the divisions in Canberra at a time when, objectively speaking, the parties have never been closer? The short answer is that they're responding to a genuine polarisation — not between Labor and Liberal but between both parties and the rest of society.
Murray and Frijters detail what they call Australia's 'grey corruption': the grubby nexus between 'James' (corrupt business people) and governments or regulators. The Jameses thrive at the expense of the 'Bruces': ordinary working people. The games of the corrupt elite now cost the 'Bruces' about half their wages.
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